Economy is in intensive care with no quick relief in sight; can cutting personal tax, raising GST offer a magic cure?
5 years, 1 month ago

Economy is in intensive care with no quick relief in sight; can cutting personal tax, raising GST offer a magic cure?

Firstpost  

Economists love to give names for periods of prolonged economic slowdown. The former chief economic advisor, Arvind Subramanian, calls the current economic crisis the country is experiencing as India’s ‘great slowdown’, something he equates to the economic crisis India witnessed in FY'91-92 when the gross domestic product growth rate fell to 1.1 percent, currency tumbled and most macroeconomic indicators collapsed. Subramanian’s latest observations Some of the major observations of Subramanian’s Bangalore speech were: One, India’s ‘great slowdown’ doesn’t have quick solutions. There isn’t an easy cure for the current meltdown given that bank NPAs are still high and rising, NBFC bank balance sheets weak, and power, real estate sectors facing major problems. These numbers show that the economy isn’t attempting any recovery so far, despite the several measures announced by the Narendra Modi government to prop up growth, including a steep cut in corporate tax, major disinvestment initiatives and a series of monetary policy rate cuts from the Reserve Bank of India.

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History of this topic

Congress suggests relief in income tax for the middle class, MSP for farmers, and income support for the poor in upcoming Union budget
6 days, 14 hours ago

Congress suggests relief in income tax for the middle class, MSP for farmers, and income support for the poor in upcoming Union budget

The Hindu  

The downward revision of Gross Domestic Product growth estimates for the current fiscal provides a gloomy backdrop to the upcoming Union budget, and needs radical action to dispel “the cloud of growth slowdown and investment chill” in the country, the Congress said on Wednesday. Congress general secretary Jairam Ramesh in a statement said there should be income support for India’s …

Why the budget must bring income tax relief this time around
1 week ago

Why the budget must bring income tax relief this time around

New Indian Express  

It's often argued that tax cuts can stimulate the economy. If so, given India's weakening urban consumption, the question is whether the government should consider cutting personal income taxes in the forthcoming Union budget or reduce rates that affect everyone like the GST. Just about 10%-15% of the population pay individual income taxes and so a reduction in income tax …

GST collection 2024: Congress alleges slowdown in GST collections; asks government to focus on complexities of economy
1 week, 4 days ago

GST collection 2024: Congress alleges slowdown in GST collections; asks government to focus on complexities of economy

The Hindu  

The Congress on Friday claimed that the last quarter of the current fiscal year witnessed the “second-slowest pace” of collection of Goods and Services Tax in the past three years and urged the government to focus on the complexities of the economy instead of imposing tax on popcorn. Net GST growth slumps to 3.3% in December, as revenues slow and …

GST rate overhaul to face tough review amid tepid urban demand and inflation worries
3 weeks, 4 days ago

GST rate overhaul to face tough review amid tepid urban demand and inflation worries

Live Mint  

JAISALMER : Inflation and consumer appetite for purchases are two considerations that are expected to weigh on the Goods and Services Tax Council when it examines a ministerial group's recommendations for further hikes in the indirect tax, three persons informed about the development said. The ministerial group, led by Bihar deputy chief minister Samrat Chaudhary, is expected to make its …

GST rate hike reports premature and speculative: CBIC
1 month, 1 week ago

GST rate hike reports premature and speculative: CBIC

Live Mint  

The Central Board of Indirect Taxes and Customs on Tuesday said reports of a ministerial panel’s recommendations on Goods and Services Tax rate changes on certain items, based on its deliberations are “premature and speculative.” The clarification from the Union government’s apex indirect tax body implies the Centre is distancing itself from suggestions about tax rate increases on items like …

GST Revenue Trends: A Rollercoaster Ride of Ups and Downs
2 months, 1 week ago

GST Revenue Trends: A Rollercoaster Ride of Ups and Downs

The Hindu  

GST revenue trends have been volatile this year, with growth in gross and net receipts exceeding that of the previous year's highest points, but falling short of the previous year's overall growth. While the year started with a strong surge in April, subsequent months have shown a decline in growth. The latest GST receipts indicate a positive trend, but it …

Move ahead: On GST and reform
6 months, 3 weeks ago

Move ahead: On GST and reform

The Hindu  

Revenues from the Goods and Services Tax, which completes seven years at the end of this month, hit a record high of ₹2.1 lakh crore in April that typically sees higher inflows due to a year-end compliance rush. Although gross revenues from domestic transactions grew 15.3%, accelerating from a 13.4% rise a month earlier, revenues from goods imports dipped for …

GST has helped people with a pro-poor approach, says Nirmala Sitharaman
8 months, 1 week ago

GST has helped people with a pro-poor approach, says Nirmala Sitharaman

The Hindu  

The Goods and Services Tax regime has benefitted people through a pro-poor approach, Union Finance Minister Nirmala Sitharaman asserted on May 6, while underlining that the recent landmark of GST collections crossing ₹2 lakh crore was driven by heightened economic activity. Noting that the idea of GST was first mooted under the Atal Behari Vajpayee-led NDA government, Ms. Sitharaman said …

GST regime has ‘very efficiently’ brought tax rates down: FM
1 year, 2 months ago

GST regime has ‘very efficiently’ brought tax rates down: FM

The Hindu  

Finance Minister Nirmala Sitharaman said on Tuesday that the Goods and Services Tax regime has “very efficiently” brought tax rates down and consumers now pay lower levies than they did in the earlier indirect tax regime. Ms. Sitharaman also urged businesses staying out of the GST system to come within its fold or risk losing prospective customers, adding that such …

GST has been a gamechanger for India’s economy
1 year, 6 months ago

GST has been a gamechanger for India’s economy

Live Mint  

Ahead of the launch of the goods and services tax on 1 July 2017, this newspaper on 6 June 2017 had published my piece titled ‘Indian GST: Unparalleled Tax Reform’ in which I had highlighted the unique features of India's GST regime such as the Dual GST structure; Integrated GST mechanism; invoice matching; single digital interface and the establishment of …

Explained | What is next on the agenda for the GST regime?
2 years, 6 months ago

Explained | What is next on the agenda for the GST regime?

The Hindu  

The story so far: The Goods and Services Tax Council, chaired by Union Finance Minister Nirmala Sitharaman, met for the first time in 2022 for a marathon two-day meet this week, just ahead of GST’s fifth birthday on July 1. Based on recommendations made by a Group of Ministers led by Karnataka Chief Minister Basavaraj Bommai, the GST Council has …

In charts, the GST’s five-year report card
2 years, 6 months ago

In charts, the GST’s five-year report card

Live Mint  

Five years ago, the goods and services tax was launched as one of India’s biggest reforms in recent years, with the purpose of making indirect taxes “good and simple". View Full Image Chart-1 The GST regime has completed five years and the guaranteed compensation for loss in revenue to states ceases to exist. View Full Image Chart-2A View Full Image …

Strengthening the GST regime
2 years, 6 months ago

Strengthening the GST regime

Hindustan Times  

The two-day meeting of the Goods and Services Tax Council that starts on Tuesday is the 47th of the body – but it is likely the most important to date. When the GST law was passed in 2017, states were assured they would be compensated for the potential loss of revenue on account of moving to the GST regime. The …

Sitharaman says India’s fundamentals sound because of steps taken by govt
2 years, 7 months ago

Sitharaman says India’s fundamentals sound because of steps taken by govt

Live Mint  

Finance minister Nirmala Sitharaman on Wednesday said India’s fundamentals are sound due to several steps taken by the government such as reducing corporate tax, ensuring that the economy is greatly digitized and bringing in the Goods and Service Tax and bankruptcy code. Citing a study, Sitharaman said the Pradhan Mantri Garib Kalyan Yojana reduced the probability of borrowing money significantly …

Inflation delays GST rates rationalisation, Centre counters states
2 years, 7 months ago

Inflation delays GST rates rationalisation, Centre counters states

India Today  

First the Covid, then the ongoing Russia-Ukraine war. GST RATES The GST council then led by finance minister, late Arun Jaitley had kept just 50 items in the highest tax rate of 28 per cent. There is a view among the council members that to raise collections a rejig of taxes that includes several items being moved to higher tax …

The recovery toolkit: The Hindu Editorial on tax policy and economic recovery
3 years, 2 months ago

The recovery toolkit: The Hindu Editorial on tax policy and economic recovery

The Hindu  

The latest string of official numbers, including almost-record GST collections, healthy direct tax inflows, strong manufacturing and exports, provide some confidence that the economy has lurched back from the danger zone for the second time in less than a year owing to the COVID-19 pandemic. If September’s activity reflects pre-festive stocking, the actual festive spending may keep GST numbers propped …

GST regime is in crisis
3 years, 7 months ago

GST regime is in crisis

Hindustan Times  

The Goods and Services Tax Council will meet on May 28 after a gap of seven months. Many state governments, which are ruled by parties opposed to the Bharatiya Janata Party, have demanded a GST waiver on various kinds of medicinal supplies being used for treating Covid-19. Using GST Council meetings to tweak GST rates on various commodities – Gujarati …

Automotive and Real Estate Sectors Need Suspension of GST For At Least 6 Months: PwC Report
4 years, 3 months ago

Automotive and Real Estate Sectors Need Suspension of GST For At Least 6 Months: PwC Report

News 18  

As the pandemic has severely hit businesses and more so in the case of automobiles, hospitality and real estate sectors, a PwC report has suggested the suspension of Goods and Services Tax on these sectors for a minimum of six months. The report titled “Reimagining GST@3" said that such a measure will provide much-needed cash liquidity to these sectors and …

GDP numbers should alarm us all, says Raghuram Rajan
4 years, 4 months ago

GDP numbers should alarm us all, says Raghuram Rajan

The Hindu  

The 23.9% contraction in GDP growth numbers for the first quarter of FY 2020-21 “should alarm us all” and the government and its bureaucrats need to be “frightened out of their complacency” and into meaningful activity, former Reserve Bank of India Governor Raghuram Rajan said in a LinkedIn post. With discretionary spending expected to stay low until the virus is …

The idea of one nation, one tax is under siege
4 years, 4 months ago

The idea of one nation, one tax is under siege

Live Mint  

Last week the country was witness to one the most acrimonious Goods and Services Tax Council meeting ever. But at the least, it will forsake the trust and goodwill—without which it would have been almost impossible to undertake such an ambitious indirect tax reform—so carefully cultivated through mutual give-and-take between members of the Council ever since GST was launched on …

Nirmala Sitharaman attributes GST shortfall to COVID-19 impact, says economy facing 'Act of God' situation
4 years, 4 months ago

Nirmala Sitharaman attributes GST shortfall to COVID-19 impact, says economy facing 'Act of God' situation

Firstpost  

Revenue Secretary Ajay Bhushan Pandey said that of total shortfall of 2.35 lakh crore, Rs 97,000 crore is due to GST shortfall, and rest is due to impact of COVID-19 on the economy New Delhi: Finance Minister Nirmala Sitharaman on Thursday said the economy has been hit by the COVID-19 pandemic, which is an ‘Act of God’, and it will …

'Act of God' Coronavirus Pandemic May Lead to Economic Contraction This Fiscal, Says FM Sitharaman
4 years, 4 months ago

'Act of God' Coronavirus Pandemic May Lead to Economic Contraction This Fiscal, Says FM Sitharaman

News 18  

The Centre on Thursday placed before the GST Council two options for borrowing by states to meet the shortfall in GST revenues, pegged at Rs 2.35 lakh crore in the current fiscal. Briefing reporters after the 41st meeting of the GST Council, Finance Minister Nirmala Sitharaman said the economy is facing an extraordinary “Act of God” situation that may result …

GST shortfall this year at Rs 2.35 lakh cr, most of it due to pandemic: Govt
4 years, 4 months ago

GST shortfall this year at Rs 2.35 lakh cr, most of it due to pandemic: Govt

India Today  

Finance Minister Nirmala Sitharaman told states during the GST council meet on Thursday that GST shortfall is only for the current fiscal. Ajay Bhushan Pandey, Revenue Secretary said GST shortfall in FY21 at Rs 2.35 lakh crore of which only 97,000 crore due to implementation of GST while the rest is due to the Covid-19 pandemic. Union Finance Minister Nirmala …

Act of God: Sitharaman explains Covid-induced revenue crunch, GST Council to meet again over options
4 years, 4 months ago

Act of God: Sitharaman explains Covid-induced revenue crunch, GST Council to meet again over options

India Today  

Union Finance Minister Nirmala Sitharaman described the coronavirus pandemic that has hit the Indian economy hard putting it into contraction as "an act of God". After a day-long deliberation between the GST Council, Sitharaman said the coronavirus pandemic has impacted the GST collection to the tune of a shortfall of Rs 2.35 lakh crore for the ongoing 2020-21 fiscal. Sitharaman …

Taxes need to be simplified for a self-reliant India: Nirmala Sitharaman
4 years, 6 months ago

Taxes need to be simplified for a self-reliant India: Nirmala Sitharaman

Live Mint  

Finance minister Nirmala Sitharaman on Wednesday said that taxation, especially Goods and Services Tax, needs to be further simplified to make life easier for tax payers, a critical requirement for a self-reliant nation. Sitharaman’s promise about simplifying the tax administration comes a day after Prime Minister Narendra Modi thanked tax payers along with farmers for strengthening the government’s hands in …

GST ’biggest madness of the 21st century’: Subramanian Swamy
4 years, 10 months ago

GST ’biggest madness of the 21st century’: Subramanian Swamy

Live Mint  

Describing India's latest tax reform GST as "the biggest madness of the 21st century," BJP leader and Rajya Sabha MP Subramanian Swamy on Wednesday said that the country needs to grow at 10 per cent per annum to become a superpower by 2030. Speaking on "India - an Economic Superpower by 2030", organised by the Pragna Bharati here, Swamy said …

Budget 2020: Income tax rate cuts high on the wish list
4 years, 11 months ago

Budget 2020: Income tax rate cuts high on the wish list

Live Mint  

With Budget 2020 announcements around the corner, the euphoria on Budget expectations are very high. This has put India on the trajectory of significantly high personal income tax rates globally and has come at a time when countries such as the US have reduced personal tax rates. The cuts in individual tax rates will enhance the disposable income and in …

Assocham for cut in GST rates by 25% across the board for next six months to boost investment, consumer demand
4 years, 11 months ago

Assocham for cut in GST rates by 25% across the board for next six months to boost investment, consumer demand

Firstpost  

New Delhi: Industry chamber Assocham on Wednesday urged the government to reduce GST rate by 25 percent across the board for the next six months with a view to boost investment and demand. “The first radical suggestion is that GST rate should be cut across all slabs by 25 percent for the next six months in order to kick start …

GST compensation payment delay raised
5 years ago

GST compensation payment delay raised

The Hindu  

The Parliamentary panel on Finance met on Friday and Opposition members raised the delay in payment of compensation for loss of revenue from implementation of GST since August to the States. According to sources, Congress MP Manish Tewari, who is a member of the committee demanded that the panel should debate the delay in payment. “There is a huge revenue …

T Harish Rao gives his piece of mind to FM on economy
5 years ago

T Harish Rao gives his piece of mind to FM on economy

Deccan Chronicle  

Hyderabad: Telangana’s Finance Minister T. Harish Rao told the Union Finance Minister that she must address the current slowdown in the economy, and it is imperative to empower states in terms of both financial resources and autonomy as states are the drivers of economic activity. Speaking at the pre-budget meeting of finance ministers with Union Finance Minister Nirmala Sitharaman in …

If India has to grow faster, States have to grow faster: Bibek Debroy
5 years ago

If India has to grow faster, States have to grow faster: Bibek Debroy

The Hindu  

To present the economic slowdown as a binary of structural versus cyclical or demand side-driven versus supply-side driven factors is completely unwarranted, says Bibek Debroy, Chairman of the Economic Advisory Council to Prime Minister Narendra Modi. The Finance Minister has said there is going to be a relook at the direct tax rates because the corporate tax rate has come …

Parliament panel asks govt to prevent misuse of input tax credit under GST as revenue collection slows in recent months
5 years, 1 month ago

Parliament panel asks govt to prevent misuse of input tax credit under GST as revenue collection slows in recent months

Firstpost  

GST revenue collection crossed the Rs 1 lakh crore mark after a gap of three months in November, with the revenue growing by 6 percent to Rs 1.03 lakh crore in the month. New Delhi: A Parliamentary panel on finance on Tuesday observed that the Goods and Services Tax collection has slowed down in recent months and asked the government …

From streamlining GST to lowering personal income tax: How govt plans to boost economy
5 years, 1 month ago

From streamlining GST to lowering personal income tax: How govt plans to boost economy

India Today  

The government is working on multiple measures to revive the ailing economy after growth in the second quarter dipped to 4.5 per cent, the lowest in over six years. Finance Minister Nirmala Sitharaman on Saturday said the government is working on steps like personal income tax rationalisation and another reform in GST to boost demand and economic growth. While government …

When the statistical system gives bad news, govt tries to discredit it: Pronab Sen
5 years, 1 month ago

When the statistical system gives bad news, govt tries to discredit it: Pronab Sen

Live Mint  

Pronab Sen, country director of the International Growth Centre, had a long and distinguished career in the government as the principal adviser in the Planning Commission, the first chief statistician of India as well as the chairman of the National Statistical Commission. In an interview, Sen spoke about the state of the economy, the challenge before the 15th Finance Commission …

Govt unlikely to go for personal income tax cut amid fiscal stress, lower tax realisation
5 years, 2 months ago

Govt unlikely to go for personal income tax cut amid fiscal stress, lower tax realisation

Firstpost  

New Delhi: The government is unlikely to moderate personal income tax rates for the rich due to fiscal stress on account of lower tax realisation amid a slowdown in the economy, sources said. The pressure is mounting on the government to cut personal income tax rates to boost demand, especially after the finance ministry reduced the corporate tax rate by …

‘Make in India’ Revival: Let’s Start by Simplifying GST Regime
5 years, 3 months ago

‘Make in India’ Revival: Let’s Start by Simplifying GST Regime

The Quint  

The biggest blows to ‘Make in India’ came from the government itself with the announcement of demonetisation and the hastily implemented Goods and Services Tax. In her budget speech and the many extra-budgetary press conferences, the Finance Minister announced a slew of measures aimed at propelling manufacturing growth. PM Modi stated that the corporate tax cut would give a great …

Corporate tax cut can translate into maximum of 5 per cent product price reduction, say industry veterans
5 years, 3 months ago

Corporate tax cut can translate into maximum of 5 per cent product price reduction, say industry veterans

India Today  

Industry stalwarts welcomed the corporate tax cut but felt that it could have done much before. He added that the corporate tax cut will not help to reduce the prices of the flats beyond 5 per cent. # Amitabh Kant, CEO, NITI Aayog responded that the country has grown at an average 7.5 per cent in the last 5 years …

GST Council meet in Goa today; tax cut on hotels, catering services likely
5 years, 3 months ago

GST Council meet in Goa today; tax cut on hotels, catering services likely

India TV News  

The rising chorus for tax relief is likely to be ignored by India's federal tax council as a major GST meet is scheduled to take place in Goa on Friday. The council, at its 37th meeting in Goa, will also consider states’ demand for extending the GST cess on select products like automobiles and tobacco beyond 2022 in view of …

GST Council to opt for just minor tax tweaks
5 years, 3 months ago

GST Council to opt for just minor tax tweaks

Live Mint  

India’s federal tax council is likely to ignore the rising chorus for tax relief at its Friday meeting and make only minor tweaks instead as a revenue shortfall looms, a person familiar with its deliberations said. The Goods and Services Tax Council at its 37th meeting in Goa will also consider states’ demand for extending the GST cess on select …

GST panel unlikely to favour tax rate cut for auto, component sectors; revenue losses major concern for govt
5 years, 3 months ago

GST panel unlikely to favour tax rate cut for auto, component sectors; revenue losses major concern for govt

Firstpost  

The auto sector, which has been reeling from the worst slump in nearly two decades, has pushed for a lowering of tax rates at the 20 September GST panel meeting, in a bid to revive vehicle demand. New Delhi: The Goods and Services Tax panel is unlikely to approve lowering the tax for the auto and allied components sector this …

Much-awaited GST meet on Friday may not give auto sector any succour: Report
5 years, 3 months ago

Much-awaited GST meet on Friday may not give auto sector any succour: Report

Live Mint  

New Delhi: India's goods and services tax panel is unlikely to approve lowering the tax for the auto and allied components sector this week, as a study has warned of major revenue losses, two government officials said. A government study, attached to the agenda of a 20 September GST panel meeting, has said the total annual revenue loss could be …

Auto sector crisis: Rajiv Bajaj against GST cut for industry even as automakers look for respite from govt to tide over slowdown
5 years, 4 months ago

Auto sector crisis: Rajiv Bajaj against GST cut for industry even as automakers look for respite from govt to tide over slowdown

Firstpost  

Bajaj Auto’s Rajiv Bajaj has come out with a view that the cause of the current csisis is mainly due to overproduction by the vehicle makers and GST cut not necessary at this stage to boost demand. Meanwhile, Bajaj Auto’s Managing Director Rajiv Bajaj believes the ongoing slump in the auto industry is mainly due to overproduction and there is …

Automakers should approach the state govts to form a consensus on GST rate, says Anurag Thakur
5 years, 4 months ago

Automakers should approach the state govts to form a consensus on GST rate, says Anurag Thakur

Live Mint  

New Delhi: The union government will stand by the automobile industry and will take steps to stimulate demand in the months to come, said Anurag Thakur, minister of state, Ministry of Finance and Corporate Affairs, during the 59th annual session of the Automotive Component Manufactures Association of India. Taking a cue from the assertions of Finance Minister Nirmala Sitharaman, the …

Economy in prolonged slowdown: Manmohan Singh
5 years, 4 months ago

Economy in prolonged slowdown: Manmohan Singh

Hindustan Times  

Former prime minister Manmohan Singh said on Sunday the Indian economy is “in the midst of a prolonged slowdown” because of “all-round mismanagement by the Modi government” and it has not yet recovered from the “man-made blunders” of demonetisation and the “hastily implemented” Goods and Services Tax. Referring to a slew of announcements made by Sitharaman on August 23 to …

Tracking India’s economic slowdown: Why Narendra Modi govt shouldn’t delay fiscal stimulus to revive struggling industries
5 years, 5 months ago

Tracking India’s economic slowdown: Why Narendra Modi govt shouldn’t delay fiscal stimulus to revive struggling industries

Firstpost  

Industry captains are marching to the North Block making their case for an urgent fiscal stimulus. The industry, battered with the economic slowdown, thinks there is an urgent case for a stimulus package nothing less than Rs 1 lakh crore. Growth in eight core industries—coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity —that constitutes 40 percent …

Budget 2019 has delivered quick fixes; govt seems to have made attempt to address several policy gaps
5 years, 6 months ago

Budget 2019 has delivered quick fixes; govt seems to have made attempt to address several policy gaps

Firstpost  

On the back of a massive mandate, the first Budget of Narendra Modi government’s second term has several reasons to cheer about. What’s more encouraging is, these policy announcements were woven around certain themes central to the government’s policy agenda, e.g., mega spending programme for physical and social infrastructures; last mile foreign direct investment reforms, e.g., for aviation, insurance and …

GST collections scale ₹1 trillion in January
5 years, 11 months ago

GST collections scale ₹1 trillion in January

Live Mint  

New Delhi: Goods and services tax collections by Union and state governments scaled the monthly target of ₹1 trillion in January, the third time in this fiscal, despite tax rate cuts. Total gross GST revenue collected in January crossed ₹1 trillion on Thursday, “a significant improvement” over the ₹94,725 crore collected in December and the ₹89,825 crore in January 2018”, …

Budget 2019: Industry wants clarity in e-KYC norms, rationalisation in GST and increase in tax deduction limits
5 years, 11 months ago

Budget 2019: Industry wants clarity in e-KYC norms, rationalisation in GST and increase in tax deduction limits

Firstpost  

The government may come out with new policies or benefits even though this is only an interim budget, says India Inc Finance minister Arun Jaitley will present the interim budge for 2019-20 fiscal on February, 2019. In order to build investor confidence, hope the government lessens regulatory compliance and introduces certain tax reliefs such as extending the tax exemption window …

GST: Focus shifts to enforcement actions, returns, refund simplification
6 years ago

GST: Focus shifts to enforcement actions, returns, refund simplification

Live Mint  

New Delhi: It faced a huge political backlash and became the butt of jokes with opponents calling it ‘Gabbar Singh Tax’, but weathered all of it in 2018 and its proponents are confident the GST is fast emerging as a strong tax-compliance tool and may eventually evolve into a single-slab taxation rate. Like any reform, the GST faced its own …

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